US Pre-Market Update, April 28, 2026

I. Overall Pre-Market Overview

As of pre-market on April 28, Eastern Time, the three major index futures showed narrow-range, divergent fluctuations: Dow futures edged up 0.04% to 49187 points, S&P 500 futures rose 0.12% to 7182 points, and Nasdaq 100 futures dipped 0.11% to 27397 points. The market is caught in a dual game of "tech earnings validation" and "energy geopolitical risks," with capital rotating from crowded semiconductor leaders to defensive sectors like energy and utilities. Overall volatility remains near the 20 level, with significant high-level oscillation characteristics.

II. Energy Sector Leading Gain Logic and Stock Performance

The US-Iran negotiation deadlock remains unbroken, and shipping in the Strait of Hormuz has not resumed. Goldman Sachs warns of a "historically rare" drawdown in global crude inventories, raising its Q4 Brent crude target to $115/barrel. Pre-market, WTI crude rose 1.02% to $97.28/barrel, and Brent crude rose 1.25% to $109.58/barrel, making the energy sector a pre-market highlight.

Among crude oil ETFs, USO rose 0.95% pre-market to $140.26, showing the greatest elasticity; the XLE Energy Select Sector SPDR Fund rose 0.78% to $57.21, offering the best liquidity. In individual stocks, XOM Exxon Mobil rose 0.82% to $150.73, benefiting from high upstream profitability; OXY Occidental Petroleum rose 1.05% to $68.42, supported by Buffett's increased holdings; CVX Chevron rose 0.69% to $186.06, with a dividend yield of 3.2%, showing strong defensiveness.

Small and mid-cap oil and gas stocks performed notably: USEG U.S. Energy Group surged 2.13% to $12.45, with production guidance exceeding expectations; KOS Kosmos Energy rose 1.87% to $8.69, undergoing asset value reassessment; CLYM (assumed to be a shale oil company) rose 1.54% to $5.27, with a clear cost advantage in shale oil extraction.

III. Tech Sector and Fund Flows

Divergence within the tech sector is intensifying. The Philadelphia Semiconductor Index shows adjustment pressure after 18 consecutive gains. Pre-market, NVIDIA edged up 0.15%, AMD rose 0.42%, and Micron rose 0.76%. Funds are shifting from high-valuation pure-play AI software companies to computing hardware and energy sectors with stronger earnings certainty. Fund flow data shows that over the past 24 hours, the energy sector saw a net inflow of $1.27 billion, utilities $430 million, and healthcare $380 million; the software sector had a net outflow of $850 million, and the consumer sector $520 million.

IV. Key Events and Trading Strategies

This week, the market focuses on the Fed's interest rate decision and tech giant earnings reports. CME data shows a 100% probability of the Fed holding rates steady, with the probability of a December rate cut falling to 37%. Microsoft and Google report earnings after the market today; AI capital expenditure and cloud business growth rates need close attention.

In terms of trading strategy, the S&P 500 has short-term support at 7140-7160 points and resistance at 7210-7230 points. For the energy sector, focus on leaders like XLE and XOM, and consider allocating to USO to hedge geopolitical risks. For the semiconductor sector, be wary of correction risks due to shrinking trading volume, and consider positioning only after earnings validation.

V. Risk Points

Main risks include: escalation of US-Iran conflict pushing oil prices above $110/barrel; tech giant earnings falling short of expectations triggering a collective adjustment; the Fed releasing hawkish signals suppressing market sentiment.

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